The City of Chicago today issued a Request for Information (RFI) to solicit creative ideas and potential strategies to develop and operate a world-class casino in Chicago. The RFI presents an opportunity for the city to get the perspective of leading casino operators and real estate developers on key issues that will be considered when it evaluates proposals for a Chicago casino.
“After securing favorable legislation that had eluded us for decades, Chicago can finally pursue a once-in-a-generation opportunity to bring a casino to our city, generating hundreds of millions in new gaming revenues, said Mayor Lori E. Lightfoot.
Following many unsuccessful attempts for decades, gamin- expansion legislation was signed into law by the Illinois legislature in June 2019, authorizing a Chicago casino. However, the approved bill imposed an effective tax rate of approximately 72 percent, making it nearly impossible to develop a profitable Chicago casino, according to a feasibility study published by Union Gaming Analytics. Earlier this year, Mayor Lightfoot redoubled efforts and worked with the state legislature to amend the law to lower the tax rates and make a Chicago casino a reality.
As the third largest metropolitan area in the country with over 9.5 million residents, Chicago represents the nation’s largest untapped gaming opportunity in the country.
“Now more than ever, our city needs a project like this to help revitalize Chicago’s economy, provide jobs for working men and women and invigorate the direct and indirect support for small businesses, which is sorely needed,” said Jack Lavin, president & CEO, Chicagoland Chamber of Commerce.
“Construction of a casino complex will generate new revenue dedicated to the city’s police and fire pension funds and will provide budgetary relief to the city’s corporate fund,” said Jennie Bennett, Chicago Chief Financial Officer.
RFI respondents will be asked to share their views on such critical issues as the requirements for operating a temporary casino, recommendations on the size and scope/physical footprint of a gaming complex, a vision for leveraging Chicago’s existing urban assets and how they imagine addressing COVID-19 as part of the development. The RFI is meant as a first step in the casino development process.
